World’s Largest Diamond Miner Debuts New, Lab-Made Product Line
DeBeers will offer more affordable, artificial diamonds for the first time in its 130 year history.
Breaking its longstanding vow to only sell natural jewelry, the world’s largest diamond-mining company, DeBeers, has decided to start selling lab-made diamonds for the first time in its 130-year history. The company, which is credited with creating the allure of diamonds as rare, expensive and a symbol of everlasting love, released a statement on Tuesday morning, saying that it will market the artificial diamonds, which are cheaper than mined diamonds, as part of a new fashion line called Lightbox.
“Lightbox will transform the lab-grown diamond sector by offering consumers a lab-grown product they have told us they want, but aren’t getting: affordable fashion jewelry that may not be forever, but is perfect for right now,“ said CEO Bruce Cleaver. “Our extensive research tells us this is how consumers regard lab-grown diamonds—as a fun, pretty product that shouldn’t cost that much—so we see an opportunity here that’s been missed by lab-grown diamond producers.”
The company had previously promised that it would never sell man-made diamond jewelry, but the demand for it is now growing, and DeBeers’ new strategy will undercut smaller rivals in the artificial diamond market. Currently, artificial jewels make up a small part of the $80 billion global diamond market.
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